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Impact of Russia-Ukraine war expected to have negative effect on Food Empire for FY2022

Felicia Tan
Felicia Tan3/25/2022 9:12 AM GMT+08  • 2 min read
Impact of Russia-Ukraine war expected to have negative effect on Food Empire for FY2022
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The ongoing Russia-Ukraine war is expected to have a negative effect on Food Empire’s financial performance and position in relation to its businesses in Russia and Ukraine for the FY2022 ending Dec 31.

The group made the announcement via an SGX filing on March 24 after its auditors at Ernst & Young made an unqualified audit opinion on its financial statements for the FY2021.

While the food and beverage (F&B) industry, in which the group operates in is not part of any of the restricted business activities or impacted by the international sanctions, the group believes that its businesses in both Russia and Ukraine will take a hit after the continued conflict.

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